Anthropic’s planned mid-November 2026 IPO, with confidential S-1 already submitted and public filing expected imminently, underpins the 59% market-implied probability on a closing market cap above $1.8 trillion. Traders are pricing in strong post-listing performance on the back of Q3 revenue reaching $16.8 billion—an annualized run rate near $65 billion—alongside 80% enterprise revenue concentration and adjusted profitability, even as growth slowed from prior quarters and some investors floated a $1.5 trillion target after the recent investor day. The company’s $965 billion May private valuation, $518 billion infrastructure commitments, and positioning versus peers like OpenAI further support consensus around an $1.8 trillion pricing that could trade higher, similar to SpaceX’s record debut. Key near-term catalysts include the October 26 filing, November 9 roadshow, and final pricing before Thanksgiving.